Ripple has touched the $ 0.5- $ 0.55 range three times over the past year. Now the bear is trying to raise the price to this range again, but will support hold the fourth attempt?
Technical analysis
Technical analysis Grizzly
Daily chart
In the daily time frame, the bear was able to push the price below the support level of $ 0.63, turning it into horizontal resistance (red).
The price of XRP has continued to decline even after the pullback and is now $ 0.50-0.55 (green). Since last month, the bearish momentum of the market has begun to weaken.
Given that prices have reached the green zone three times in the past year, it is now considered technically weak support. If the bears continue to slow down, and for another retest of support, this level of demand may not be able to meet supply. If this happens, $ 0.42 It could be the next stop for XRP.
moving average:
MA20: $ 0.65
MA50: $ 0.74
MA100: $ 0.75
MA200: $ 0.83
4-hour chart
In the four-hour time frame, Ripple fell to short-term support at $ 0.56 after failing to break through the thick Ichimoku cloud.
Given the reduced cloud thickness in the $ 0.60 resistance zone, we can expect resistance to be retested. Assuming Ripple cannot return to the peak of this resistance, Ripple can plunge into the $ 0.5 support area above.
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Cryptocurrency chart by TradingView.
